Energy Information Administration: The price of a barrel of the benchmark North American oil known as WTI lost $4.60, or 8.7 per cent, to settle Wednesday at $48.45 US a barrel in New York. That drop came after a four-day stretch dating back to late last week when oil had run from $44 to more than $52, a gain of about 18 per cent. , according to Canadian Broadcasting Corporation. A report out of Washington from the Energy Information Administration EIA on Wednesday sparked the decline as it said U.S. crude inventories jumped by six million barrels last week to 413 million, more than analysts had forecast and the highest level on record dating back to 1982. A four-day rally in oil prices appears to be over for now as the price of crude slumped back below the $50-a-barrel level and dragged the Canadian dollar lower along with it. But that appears to be over at least for now as traders focused on the long term again, where the economics still point to huge oversupply in the market.
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